The Aaron’s Company Inc. recently announced it has entered into a definite agreement to acquire BrandsMart U.S.A., a leading appliance and consumer electronics retailer operating in the southeast part of the country. The $230-million deal – which will add BrandsMart’s ten Florida- and Georgia-based stores, along with its growing e-commerce presence, to the Aaron’s family of companies – is expected to finalize in the second quarter of this year.
“We’re thrilled to welcome BrandsMart to the Aaron’s family,” said Aaron’s CEO Doug Lindsay. “We believe this agreement will strengthen Aaron’s ability to deliver on our mission of enhancing people’s lives by providing easy access to high-quality products through affordable lease and retail purchase options.”
“We’re excited about the opportunity to open new BrandsMart stores in adjacent geographies,” agreed Aaron’s General Counsel Rachel George, “And to leverage the combined strengths of both companies to offer a wide variety of BrandsMart’s product assortment to Aaron’s customers, while creating a new in-house lease-to-own solution to offer to BrandsMart customers.”
Aaron’s and BrandsMart’s new combined entity – with 11,000 employees, and the capability to serve the full spectrum of prime and sub-prime customers – is expected to produce annual revenues over $2.5 billion.